Database Encryption Market – Global Industry Analysis Forecast 2016 – 2024
Global Database Encryption Market: Overview
Database encryption has emerged as one of the leading end-point data security solutions at a time when an increasing number of organizations are faced with the threat of cyberattacks and data theft or loss. Growing concerns regarding data privacy compliance regulations and data safety have now gained priority and companies have begun investing heavily in advanced database encryption solutions. Based on the compliance and security requirements of an organization, database encryption aims to protect the confidentiality of all forms of data stored in disks, files, or folders. Data is rendered unreadable for unauthorized persons, thereby ensuring that the confidential data is duly protected.
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Database encryption, on the basis of deployment, can be either on-premise or cloud-based. Small and medium businesses and large enterprises are the main end-users of database encryption solutions, which are used for a number of applications including file/folder encryption, communication encryption, disk encryption, database encryption, and cloud encryption. Database encryption solutions are used in several industry verticals such as healthcare, telecommunications, aerospace and defense, banking, financial services, and insurance, government and public sector, and retail.
The key regions covered under the global database encryption market are North America, Asia Pacific, Europe, and Rest of the World. The report offers a detailed assessment of all the regional database encryption markets, in addition to an in-depth study of the key factors driving and restraining the market. With the help of the Porter’s Five Forces Analysis model, the report sheds light on the impact of buyers, suppliers, new entrants, substitutes, and competitors on the global database encryption market.
Global Database Encryption Market: Key Trends and Opportunities
There are a number of factors boosting the demand for database encryption. Rising concerns about data loss and theft and increases in the number of losses and thefts of mobile devices such as smartphones, USBs, and tablets have greatly driven the database encryption market. In addition, the growing use of cloud services and mobile devices for various businesses has escalated the adoption of database encryption. The rise in the incidence and intensity of commercial espionage attacks on cloud platforms and mobile devices has further encouraged companies to adopt database encryption solutions to safeguard all forms of data. There has been a constant advancement in data security technologies such as end-to-end encryption and upgrade, which also supports the global database encryption market. Apart from this, encryption vendors, cloud service providers, and third-party service providers have been offering enhanced and augmented encryption software solutions to protect against commercial cyberattacks and to cater to the various security needs of governments.
In contrast, the rising demand for competent IT resources for data management in organizations and the additional overhead costs pose a major challenges for the growth of the global database encryption market.
Global Database Encryption Market: Region-wise Outlook
North America is the largest market for database encryption, followed by Europe. By the end of the forecast period, it is anticipated that North America will retain its lead, driven mainly by the fact that the adoption of a new or emerging technology is at a much higher rate than in any other region. In addition to this, the adoption of BYOD, mobility, and cloud is the highest in North America, resulting in the generation of vast amounts of confidential data. This, in turn, leads to increased demand for data protection and database encryption solutions. Other factors driving the North America database encryption market are stringent data privacy compliance regulations, and a rise in the number of high-profile data breaches.
Asia Pacific is anticipated to emerge as the most rapidly expanding regional market for database encryption.
Some of the most prominent players competing in the global database encryption market are Trend Micro, Inc., Intel Corporation (McAfee), SAS Institute, Inc., Check Point Software Technologies, Symantec Corporation, Microsoft Corporation, Sophos Ltd., EMC Corporation, IBM Corporation, Bloombase, Inc., and Winmagic, Inc.
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